Hi,
I was wondering if I am able to use my FHSS withdrawal to join the title (and mortgage) of a recently but already purchased property? I have never owned property before.
Thanks!
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Start with the ATO's page describing the FHSS, @bridge .
First home super saver scheme | Australian Taxation Office
It will depend on where you are with respect to settlement. "You must request a FHSS determination before ownership of any real property transfers to you. This is generally following settlement of a property contract, including a contract to purchase vacant land. Once ownership of real property has transferred to you, you're no longer eligible to request a FHSS determination. For more information see GN 2024/1 First home super saver scheme."
Hi @bridge,
I just wanted to add, the transfer of title (and mortgage) of a recently but already purchased property to you needs to satisfy the contract signing requirement. You need to consider the FHSS post release requirements.
The scheme gives you two years to sign a contract to buy or build a home, otherwise FHSS tax applies. Putting your name on the title and mortgage of a property does not satisfy the contract signing requirement. If you can't notify the ATO of the signing of a contract, you may be liable for the FHSS tax at the end.
The FHSS scheme lets you use eligible voluntary super contributions to help buy your first home. It’s fine if you’re buying a home where you're either a joint Tennant or Tennant in common, as long as you still meet the FHSS rules.
Thank for the reply! I’m a little confused as I previously found this post which says you can use FHSS to buy into a property: https://community.ato.gov.au/s/question/a0J9s000000O33W/p00197262
Hey @bridge,
Yes - the 2022 post your referenced is correct. You can use FHSS when buying into a partner’s property, as long as you meet the post‑release requirements.
This means:
- Simply adding your name to an existing title or mortgage won’t meet the FHSS requirement to sign a contract to purchase or construct a home.
- If you enter into proper legal purchase contracts to buy a share of the property, then this generally does meet the requirement, because you have signed a valid contract to purchase a home in your name.
If you’re still unsure, I’d recommend reaching out to our super team to talk about it further.
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